How to create a new PSN account on a Playstation Console that already has an account?

This is the part where I am seriously confused and have no idea what to do or how to do it. Anyways my original PSN account is based in the country/region of Cyprus since i have moved to the UK for studies, am I able to create another PSN account on the same Playstation console? I have bought Fifa 12 but am not able to play online/redeem my password because the region Cyprus is not supported. If there is a way to fix this please go through it step by step because I have gone through some posts with the same issue and it seems that what was said is too complex for me.